515 Walnut Tower
| 515 Walnut Tower | |
|---|---|
 | |
| General information | |
| Status | Under construction |
| Type | Residential |
| Location | 515 Walnut Street, Des Moines, Iowa, United States |
| Coordinates | 41°35′09″N 93°37′30″W / 41.5857°N 93.6251°W |
| Groundbreaking | December 2024 |
| Completed | 2027 (expected) |
| Cost | $148 million |
| Height | |
| Architectural | 360 ft (110 m) |
| Tip | 360 ft (110 m) |
| Roof | 360 ft (110 m) |
| Technical details | |
| Floor count | 33 |
| Lifts/elevators | TBD |
| Design and construction | |
| Architect(s) | Neumann Monson Architects |
| Developer | St. Joseph Group |
| Main contractor | Beal Derkenne Construction |
| References | |
| [1][2] | |
515 Walnut Tower is a 33-story residential skyscraper under construction in downtown Des Moines, Iowa, United States, located at 515 Walnut Street. Upon completion, it will be the largest residential building in downtown Des Moines by unit count and the fourth-tallest building in Iowa, standing at 360 feet (110 m). The project is developed by St. Joseph Group and is expected to be completed in 2027.[1][3]
Overview
[edit]515 Walnut Tower occupies a 0.35-acre (0.14 ha) portion of the 0.86-acre (0.35 ha) site formerly home to the Kaleidoscope at the Hub, a shopping mall demolished in 2023. The tower will contain 360 apartments, including studio, one-bedroom, and two-bedroom units, with 39 units designated as affordable housing for households earning 65% of the area median income ($51,415 for a single person in 2024). The building will feature 1,400 square feet (130 m²) of commercial space, including a coffee shop, bike storage, a dog park, coworking spaces, fitness rooms, and a rooftop terrace. The tower will connect to the Des Moines Skywalk system and lease up to 390 parking spaces in the nearby Fifth and Walnut parking ramp. The project is estimated to cost $148 million, with an assessed value of $69.5 million upon completion.[4][5]
History
[edit]The project was first proposed in 2016 by Blackbird Investments, which planned a 33-story residential tower with 336 units. Financial difficulties and lawsuits against Blackbird for unpaid loans halted progress, and the city terminated the development agreement on June 1, 2020. In 2022, Joe Teeling, former president of Blackbird Investments, revived the project through St. Joseph Group, using the original plans. The Des Moines City Council approved preliminary terms for the project in November 2022 and a final development agreement on December 23, 2024, providing up to $3.8 million in tax increment financing over 14 years, $500,000 in American Rescue Plan Act funding, and a 10-year declining residential tax abatement.[6][7][5]
Demolition of the Kaleidoscope at the Hub began in April 2023 and was completed in July 2023, severing skywalk connections that St. Joseph Group is required to reconnect by June 11, 2026. Initial financing challenges, including rising interest rates on tax-exempt municipal bonds, delayed groundbreaking from October 31, 2023, to January 2025. St. Joseph Group secured funding from an East Coast equity fund to cover the entire project cost.[7][8]
Design
[edit]The tower, designed by Neumann Monson Architects, features a glass facade with reflective and clear glazing and mechanical louvers for ventilation. Each of the 30 residential floors will contain 12 apartment units, maximizing living space along the glazed perimeter. Original designs included a cantilevered rooftop pool, but this was replaced with a smaller lounge pool on the rooftop terrace. The first floor will house a lobby, bike storage, a dog run, and a cafe, while the second floor will include a leasing office, yoga space, and fitness center. The building is designed to meet updated energy efficiency requirements set by the city of Des Moines.[9]
Construction
[edit]Construction began in December 2024, with crews drilling 30 caissons to a depth of 120 feet (37 m) for the foundation, 17 of which were completed by February 2025. Vertical construction is expected to start in spring 2025, with completion projected for spring 2027. Beal Derkenne Construction serves as the general contractor. The project faced delays due to debris from previous structures found 25 feet (7.6 m) below the site, slowing foundation work. The tower is expected to create over 700 construction jobs and will be the most significant addition to the Des Moines skyline since the 801 Grand building was completed in 1991.[3][10] Additionally, upon completion it would be the first new skyscraper since the EMC Insurance Building three decades prior. Another high-rise known as The Fifth (Des Moines) was conceived around the same time as 515 Walnut but will likely never be constructed unless a dispute is resolved.
References
[edit]- ^ a b "Des Moines holds groundbreaking for first downtown skyscraper since 1990s". Des Moines Register. 2025-02-26.
- ^ "Work underway on 515 Walnut tower". Business Record. 2025-01-22.
- ^ a b "Des Moines holds groundbreaking for first downtown skyscraper since 1990s". Des Moines Register. 2025-02-26.
- ^ "Downtown Des Moines is getting a new skyscraper. Here's what to know about 515 Walnut". Yahoo. 2024-12-23.
- ^ a b "Des Moines city council approves preliminary terms for construction of high-rise apartment tower". We Are Iowa. 2022-11-21.
- ^ "Blackbird | 515 Walnut Tower". Blackbird Investments.
- ^ a b "Little progress on Des Moines' 515 Walnut tower a year after site was cleared. What happened?". Des Moines Register. 2024-05-05.
- ^ "Work is underway at 515 Walnut. Could construction on the downtown skyscraper start soon?". Des Moines Register. 2024-12-20.
- ^ "Learn more about design of proposed 33-story downtown Des Moines tower". Business Record. 2023-02-22.
- ^ "Community celebrates start of construction for 515 Walnut Tower". Business Record. 2025-02-26.
